Investment adviser · CRD 132167

CLIFFWATER LLC

Investment adviser filing (IA)

MARINA DEL REY, CA, United States · Form ADV filed May 4, 2026

Regulatory AUM: $48.5B
Client accounts: 25
Employees: 213
Advisory professionals: 105

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client type	Clients	Regulatory assets	Share of AUM
Investment companies	3	$43,927,463,684	90.6%
Other clients	12	$2,028,143,055	4.2%
Government entities	9	$933,104,263	1.9%
Pooled investment vehicles	4	$812,546,775	1.7%
Retirement plans	7	$457,250,999	0.9%
Charities	Fewer than 5	$176,586,754	0.4%
High-net-worth individuals	10	$171,803,449	0.4%
Banks & thrifts	Fewer than 5	$0	0.0%
Other investment advisers	Fewer than 5	$0	0.0%
Insurance companies	Fewer than 5	$0	0.0%
Sovereign wealth & foreign institutions	Fewer than 5	$0	0.0%
Corporations & businesses	Fewer than 5	$0	0.0%

Filing source

Form ADV 2103136 · May 4, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

1 Private fund

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

FRONTIER FEEDER L.P.Other Private Fund · Last reported May 4, 2026$150MGross asset value

Form D fundraising filings

Frontier Feeder LP - Series 1

Fund administrator UMB FUND SERVICES MILWAUKEE, Wisconsin, United States Investor statements: Yes (provided to all investors) Related to adviser: No

Auditor COHEN & COMPANY, LTD. MILWAUKEE, Wisconsin, United States

Custodian UMB BANK N.A. KANSAS CITY, Missouri, United States Related to adviser: No

Provider details

Annual audit: Yes
Prime brokers: No
Custodians: Yes
Administrator other than the adviser: Yes
External marketing: No

COHEN & COMPANY, LTD.
PCAOB 925

Fund details & source

Fund ID: 805-1264055899
Reported beneficial owners: 3
Minimum commitment: $10K
Form D file number: 021-541675

Form ADV 2103136 · May 4, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: May 4, 2026. View historical filings

Reported services

Individual portfolio management · Investment company portfolio management · Pooled investment vehicle management · Business portfolio management · Pension consulting · Selection of other advisers · Publication of newsletters

Compensation

Percentage of assets · Fixed

Principal office

4640 ADMIRALTY WAY, 11TH FLOOR
MARINA DEL REY, CA, 90292-6623, United States

CRD 132167

Filing source

Form ADV 2103136 · May 4, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.